Lithium Universe targets silver through solar panel recycling
Global silver demand is set to reach a record 680 million ounces in 2025, driven by a 7 per cent compound annual growth rate in industrial use, photovoltaics and artificial intelligence, triggering an anticipated 117.6-million-ounce market deficit for the expensive and relatively rare metal.
Each solar panel contains about 20 grams of silver, worth $36 at current prices, which is used to make conductive paste for electrical contacts.
Silver prices have surged 126 per cent from US$15 an ounce in 2018 to US$34 an ounce in 2025, underscoring the economic potential of recycling.
Lithium Universe secured exclusive global rights to Macquarie University's innovative microwave joule heating technology (MJHT) in June 2025.
The technology uses microwaves to soften the plastic encapsulant in the solar panels, enabling efficient delamination of the panels at room temperature, avoiding the need for high heat or the release of toxic chemicals.
The process facilitates cleaner material separation when compared with traditional mechanical crushing and recycling, which also typically results in lower recovery rates.
A complementary silver extraction technology for delaminated silicon wafers is under patent development and will be licensed to Lithium Universe when finalised.
The company is also conducting independent research to optimise silver recovery methods. Global PV solar panel waste is projected to reach 60–78 million tonnes by 2050, with Australia alone expecting 1Mt by 2035, valued at more than $1 billion.
Only 15 per cent of PV cells are currently recycled globally due to the complex processes involved, which sees most scrap panels discarded in landfills. Lithium Universe's initiative positions it to capitalise on a potential $154 billion silver recovery market.
Future development phases will also explore the extraction of silicon, gallium and indium, which are critical for semiconductors and solar technology and could help strengthen vulnerable supply chains dominated by China.
China is the dominant global supplier of both gallium and indium, producing about 80 per cent of gallium and more than 60 per cent of indium supplies. Gallium is primarily a by-product of aluminium production, while indium is extracted during zinc mining.
Other notable, albeit smaller, gallium producers include Germany, Kazakhstan and Ukraine, while Canada and Peru are significant producers of indium.
With piles of valuable waste building up on the horizon, Lithium Universe's innovative approach to the global issue of burgeoning waste solar panels aims to enhance sustainability and economic returns in the clean energy sector.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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